Chola MS Home Package Policy - GrihaRaksha Policy: Key Features

*Disclaimer- Kindly go through the policy wordings to understand the exact coverage offered by the Chola MS Home Package – GrihaRaksha Policy

Inclusions of Chola Home Package – GrihaRaksha Policy

This comprehensive home insurance plan offers coverage to residential properties from loss or damage due to fire, burglary, natural calamities, and man-made hazards. Here is the list of inclusions of the Chola Home Package - GrihaRaksha Policy-

1. Protection against the loss caused due to burglary and housebreaking

   Unlike the standard Griha Raksha Policy, this home package policy covers the insured property (excluding money and valuables) in respect of loss or damage due to burglary and/or housebreaking.

2. Coverage for loss of personal baggage

   This policy offers financial coverage in case there is loss, destruction, or damage of personal baggage of the insured or his family members in the insured site.

3. Personal Accident (PA) cover

   The policy has in-built Personal Accident (PA) cover for the insured and their spouse. However, it is only applicable in case of permanent total disability or death due to any insured perils.

4. Hospitalization expenses

   The policy covers the cost of hospitalization in case of injury arising out of an accident at the insured site.

5. Covers home utility appliances

   It covers the insured home contents, including damage or loss of several home utility appliances due to mechanical/electrical breakdowns. In addition to this, the policy covers the insured home appliances in case of total loss or substantial loss.

6. Coverage for garden

   This section in the insurance policy compensates the insured against the total loss or substantial destruction of the maintained, cultivated, nurtured, or developed garden due to cyclone, storm, hurricane, tempest, typhoon, tornado, flood, inundation, rockslide, landslide, or subsidence.

7. Pet animal coverage

   The policy is designed with in-built coverage in case the insured makes a loss due to the death of a beloved pet animal in the insured property.

8. Protection for jewellery and other precious metals (optional cover)

   Under this policy, this is an optional cover where the customer can opt to cover the loss or damage to their jewellery or any other precious metal due to an accident or misfortune mentioned in the policy documents anywhere in India.

9. Covers public liability

   The policy covers the public liability arising out of the accidents during the policy tenure. Under this, the insurer is liable to pay for accident bodily injury to the third party or accidental damage to their property due to any insured perils.

10. Covers tenant liability

    The policy offers coverage in case of tenant liability arising from the perils stated as per Section I and II in the policy documents.

11. Covers the funeral costs

    The policy covers the funeral costs in case of the death of the insured or their immediate family members due to insured peril in the home.

Exclusions of Chola Home Package – GrihaRaksha Policy

The Chola Home Package policy does not cover the losses and expenses arising from the following events stated below-

1. Loss or damage caused due to a deliberate act by the insured or on their behalf
2. Damages to the insured property due to war, invasion, the act of a foreign enemy, war-like operations, civil commotion, rise of the military, revolution, civil war, mutiny, or usurped power
3. Loss or damage caused due to contamination from any nuclear waste or fuel. It also does not compensate in the case when the damages are caused due to ionizing radiation, contamination, or due to radioactive explosions
4. Loss or damage due to pollution or contamination caused due to any insured perils in the home structure
5. Loss or damage to precious stones, bullion, drawings, manuscripts, cash, coins, securities, bullions, cheque, vehicles, and any other explosive substances that are particularly mentioned or stated in the policy documents
6. No coverage if there is a reduction in the market value of the insured property once the repair is initiated
7. No coverage if the damaged home contents are removed from the insured place to any other place.

*Disclaimer- Refer to the policy wordings to know the exact coverage.

How to Endorse or Modify Your Chola Home Package – GrihaRaksha Policy Details?

To make any changes or modifications in name, address, or any other details in the policy documents, you contact the insurer and raise the endorsement request. The request will be accepted, and changes will be implemented in the policy documents.

Who All Can Buy Chola Home Package - GrihaRaksha Policy?

In India, all homeowners can buy this policy to protect their prized possession and the belongings within the home. However, if you are a tenant, you can secure your valuable possessions and contents of the home with this policy.

Claim Procedure for Chola Home Package – GrihaRaksha Policy

In the event of any emergency mentioned in your policy documents, please ensure that you inform the respective authorities as early as possible. However, below is a step-by-guide for raising claims under property insurance by Chola MS-

• Give immediate notice to the legal authorities’ right after an emergency hits you. They will take all the necessary steps to prevent further losses.
• In case of strikes, riots, or other malicious activities, inform the local police authorities immediately.
• Intimate your insurer in case of physical loss or damage caused to the insured property or its content due to any insured event mentioned in your policy documents.
• Take all the essential safety measures to prevent other damage or loss to your insured home structure.
• Do not try to dispose of or sell any damaged contents of your house without informing your insurer.
• Next, you can easily download, fill, and submit the signed claim form available on the insurer's website at the earliest; however, within 30 days from the date the incident took place.
• The insurer will appoint a surveyor to examine the situation and design an assessment report. As per the report, the insurer will compensate you for the losses.

FAQs